New Model Adviser - For Professional Investors

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Phoenix raises £250m to repay debt

1 Comment
Phoenix raises £250m to repay debt

Closed life company consolidator Phoenix has raised £250 million through a share issue launched to repay around £450 million of debt.

Phoenix announced details of the capital raising in January, pledging to use the funds alongside existing cash holdings to repay £450 million of debt.

The capital raising was structured in two parts, with existing shareholders offered £170 million of new shares, and hedge fund Och-Ziff injecting £80 million.

Phoenix said it had received a 92.6% take-up of the issuance to existing shareholders, raising around £157 million. Och-Ziff will take up economic exposure to the remaining 7.4% of shares not taken up, alongside a 9.2% stake in the business from its £80 million injection.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Comment & analysis

What does Mifid II mean for adviser outsourcing?

What does Mifid II mean for adviser outsourcing?

Adviser outsourcing soared ahead of the RDR, but the looming MiFID II directive lends fresh urgency to the question of whether advisers or outsourcing partners are responsible for suitability